Which tool for your project
For phased or open-ended renovations, a HELOC’s flexible draw fits best. For a fixed, one-time project, a home equity loan’s lump sum and fixed payment is cleaner. Both keep your existing first-mortgage rate.
Long Beach’s older housing stock often rewards renovation. Because both tools are second liens, you keep your current mortgage rate while funding the work — a big advantage when rates have risen since you bought.
Getting started
Estimate your available equity (home value × lender CLTV cap minus your balance), then pick the tool that fits the project. Our Marina del Rey office serves Long Beach and the greater LA/South Bay area.
Matching the loan to your renovation
The best equity tool depends on how your project unfolds. For a phased or open-ended renovation — where costs come in stages or you’re not sure of the final number — a HELOC lets you draw only what you need, when you need it, and pay interest on just the drawn balance. For a fixed-scope project with a firm bid, a home equity loan gives you a lump sum at a fixed rate and a predictable payment. Both are second liens, so your existing first-mortgage rate stays exactly where it is.
Renovations that add the most value
Not all improvements return equally. In Long Beach’s mix of historic and mid-century homes, kitchens, bathrooms, and adding functional square footage (including ADUs) tend to add the most value, while energy and systems upgrades improve livability and can lower costs. Financing the work with home equity often beats high-interest credit cards or unsecured loans, and when the improvements are substantial, the interest may be tax-advantaged — check with your tax advisor. We’ll size the right tool to your scope and timeline so the project stays funded from start to finish.
Frequently asked questions
HELOC or home equity loan for a remodel?
HELOC for phased/uncertain costs; home equity loan for a fixed budget. We’ll compare both for your project.
How much of my equity can I borrow for a renovation?
Typically up to about 80–90% combined loan-to-value minus your current balance, subject to credit and income. We’ll estimate your available amount quickly.
Is home-equity interest for renovations tax-deductible?
It can be when the funds are used to substantially improve the home securing the loan — confirm the specifics with your tax advisor.
Will tapping equity change my mortgage rate?
No — both are second liens, so your first mortgage and its rate stay in place.
How much can I borrow?
Typically up to ~80–90% combined loan-to-value minus your current balance, subject to credit and income.
Save Financial, Inc. — NMLS #377740, DRE #01875766. Equal Housing Opportunity. Figures are illustrative for 2026 and not an offer of credit or a guarantee of rates or approval.